"How our biggest names thrived during the pandemic
The mining magnate (MsReinhart) is in top position on The List this year as the top five enjoy a massive $60bn surge in their fortunes."
(source The Australian)
Throwing insults at one another wont resolve our Aus/China trade problems.
Hatred in a useless emotion at a time when our economic wellbeing should be
our primary concern. We have just spent $300 billion on covid & fires which we don't have
and it will take at least $60 billion a year in extra taxation to pay down our
combined Governments debt within 30 years and get us back to where we were
in 2007!
https://australiandebtclock.com.auThe Government can earn that extra revenue by a mix of tax increases & growing the economy
and our current China stand-off simply stymies the latter.
It is silly for us to spar with China and then expect the USA to protect us.
We have the fantasy of " punching above our weight" on the Global Stage
but since WW2, that has been from behind the coat tails of Uncle Sam.
IMO, China sees us as being "punch drunk" rather than" punching above our weight""
China's GDP is at least 10 times that of Aus and the way we are behaving
that is likely to be 15 times by 2030.
The only move to resolve our China trade issue has been made by the USA
a few weeks ago in Alaska and, lets face it, during such US/China negotiations Australia's
economic wellbeing wont be at the top of the US agenda and at worst we'll be the sacrificial pawns.
The intelligent way to do business with China is for our Government to make money out of it
so that we have the defence resources to protect ourselves against any future Chinese aggression.
Instead we export 100s of billions of resources and food to China ( over 30% of our total exports) wth the proceeds being pocketed
by foreign owners of our mines and agribusinesses and big businesses.
https://www.news.com.au/finance/business/us-ownership-of-australias-biggest-companies/news-story/5e0361d3e4433be0c4c1c40c8254cac1We should have an Australian resource defence fund as a depository for taxes on exports to China
and such a fund could partially finance our subs, warplanes and warships.For example the MRRT
if diverted to such a purpose would have collected at least $12 billion by now and at least $2 billion a
year into the foreseeable future.
IMO, its highly unfair to ask Australia's lowest quartile of PAYE earners to pay for such expensive military hardware
when this segment of Aussie workers get minimal personal benefit from from our exports to China. Let's face it, If Aus had no
mineral or energy resources and quarter our food production (subsistence level) there would much less need
to arm ourselves to the teeth to defend the country !
So in line with Lib economic policy (Neo-Liberalism...user pays) those benefitting from our resource exports to China should have to pay
for those resources long term protection. .
For example Twiggy & Ms Reinhart have increased their combined wealth by about $7 billion over the past year alone!
Lets face it, If China ever invaded Australia it would be for our mineral, energy and food
resources; not our social welfare system!
